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Shree Digvijay Cement Company Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 745.75 Cr. P/BV 2.70 Book Value (₹) 19.55
52 Week High/Low (₹) 59/14 FV/ML 10/1 P/E(X) 13.21
Bookclosure 30/06/2020 EPS (₹) 3.99 Div Yield (%) 2.84
Year End :2018-03 

1 Company Overview

Shree Digvijay Cement Co Limited (the ‘Company’) is a public limited Company domiciled in India with its registered office address being Digvijaygram, Dist: Jamnagar, Gujarat - 361140. The company is listed on the Bombay Stock Exchange (BSE). The company’s principal business is manufacturing and selling of cement. The Company has one manufacturing facility at Sikka (via Jamnagar) with installed capacity of 10.75 lacs MT per annum. The Company caters mainly to the domestic market.

2(A) Critical estimates and judgements

The preparation of financial statements requires the use of accounting estimates. Management also needs to exercise judgement in applying the Company’s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. The areas involving critical estimates or judgements are:

a.) Mines Reclamation Provisions and related asset

I n determining the fair value of the Mines Restoration Obligation, assumptions and estimates are made in relation to discount rates, the expected cost of mines restoration and the expected timing of those costs. (Refer note 2.10 and 19).

b.) Provisions & Contingent Liabilities

The Company exercises judgement in measuring and recognising provisions and the exposures to contingent liabilities which is related to pending litigation or other outstanding claims. If a loss arising from these litigations and/or claims is probable and can be reasonably estimated, the management record the amount of the estimated loss. If a loss is reasonably possible, but not probable, the management discloses the nature of the significant contingency and, if quantifiable, the possible loss that could result from the resolution of the matter. As additional information becomes available, the management reassess any potential liability related to these litigations and claims and may need to revise the estimates. Such revisions or ultimate resolution of these matters could materially impact the results of operations, cash flows or financial statements of the company. (Refer Note 24 and 27)

c.) Current tax expense and deferred tax

The calculation of the Company’s tax charge necessarily involves a degree of estimation and judgement in respect of certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal process. The final resolution of some of these items may give rise to material adjustment to taxable profits/losses (Refer note 7).

Recognition of deferred tax assets

The recognition of deferred tax assets is based upon whether it is probable that sufficient taxable profits will be available in the future against which the reversal of temporary differences will be offset. To determine the future taxable profits, the management considers the nature of the deferred tax assets, recent operating results, future market growth, forecasted earnings and future taxable income in the jurisdictions in which the company operate. (Refer Note 8).

d.) Expected credit loss for trade receivables

The company uses a provision matrix to compute the expected credit loss allowance for trade receivable. Changes in the financial condition of customers or other unanticipated events, which may affect their ability to make payments, could result in charges for additional allowances exceeding Management’s expectations. Management estimates are influenced by the following considerations: a continuing credit evaluation of customers’ financial condition; ageing of trade accounts receivable, individually and in the aggregate; the value and adequacy of collateral received from customers in certain circumstances; historical loss experience; changes in credit risk, capital availability of customers resulting from economic conditions, current market conditions as well as forward looking estimates. (Refer note 11).

e.) Useful lives of property, plant and equipment

The Company reviews the estimated useful lives of property, plant and equipment at the end of each reporting period or even earlier in case, circumstances change such that the recorded value of an asset may not be recoverable. The estimate of useful life requires significant management judgment and requires assumptions that can include: planned use of equipments, future volume trends, revenue and expense growth rates and annual operating plans, and in addition, external factors such as changes in macroeconomic trends which are considered in connection with the Company’s long-term strategic planning. (Refer note 2.09 and 2.10).

f.) Employee benefit plans

The Company’s obligation on account of gratuity and compensated absences is determined based on actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, these liabilities are highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate, the management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation.

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases are based on expected future inflation rates. Further details about gratuity obligations are given in note 32A.

The management is of view that realisation of deferred tax assets is probable considering the future financial projections of the company. Accordingly, the Company has recognized deferred tax asset.

The Company has calculated its tax liability for current taxes after considering MAT. The excess tax paid under MAT provisions over and above normal tax liability can be carried forward and set-off against future tax liabilities computed under normal tax provisions. The Company was required to pay MAT during the current and previous years and accordingly, a deferred tax asset is recognised which can be carried forward for a period of 15 years from the year of recognition.

b) Rights, preferences and restrictions attached to equity shares

The company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their shareholding.

c) 265,212 equity shares (March 31, 2017: 265,212 and April 01, 2016: 265,212) are kept in abeyance out of the Rights Issue entitlement pending settlement of disputes.

Notes :

1) Capital Reserve : The company had issued 6% non-cumulative compulsorily convertible preference shares to its then parent company. Subsequently, the preference shareholders relinquished their right and resultant gain was recorded in the capital reserve. It also include subsidies received from State Government in the year 2002-03.

2) Capital Redemption Reserve : This was created on redemption of 14% redeemable cumulative preference shares in year 1996-97.

3) Securities Premium Account : Securities premium account is used to record the excess of the amount received over the face value of the shares. This can be utilised in accordance with the provision of the Companies Act, 2013.

4) The Board of Directors of the Company at its meeting held on March 27, 2018, has approved the scheme of arrangement for capital restructuring/reduction, the appointed date being April 1, 2017. The scheme will be given effect to on receipt of requisite approvals/ consent.

Note : Provision for arrears of rent claimed by Mumbai Port Trust with respect to plot of land C-2 and C3 at Sewri Estate Mumbai towards the proceeding filed by Mumbai Port Trust (MPT) against the Company. The Company is contesting the said order before the High Court.

b) A sum of Rs. 309.84 lakhs (March 31, 2017: Rs. 309.84 lakhs and April 01, 2016: Rs. 309.84 lakhs) on account of arrears, rent, service charges, way leave fees of certain leasehold property, consequent to the Order of the Estate Officer of Mumbai Port Trust (MPT) dated February 28, 2007, has not been provided for as the said property was assigned in an earlier year to M/s Dinbandhu Estate Pvt. Ltd. (the Assignee).The assignment was subject to the approval of MPT which was to be arranged by the Assignee. The Company is contesting the said Order before the High Court.

It is not practicable for the Company to estimate the timing of cash outflows, if any, in respect of the above pending resolution of the respective proceedings. The Company does not expect any reimbursements in respect of the above contingent liabilities.


i) Defined-contribution plans

The Company makes contribution to provident fund under the provision of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and to superannuation fund for the qualifying employees as per the Company’s policy.

ii) Defined-Benefits Plans

The company provides for gratuity, a defined benefit retirement plan covering eligible employees. The Gratuity Plan provides a lump sum payments to vested employees at retirement, death, incapacitation or termination of employment, as per the company’s policy. Vesting occurs on completion of 5 continuous years of service as per Indian law. However, no vesting condition applies in case of death. The gratuity payable to employees is based on the employee’s tenure of service and last drawn salary at the time of leaving the services of the Company. The gratuity plan is a funded plan and is administrated through a trust namely Shree Digvijay Cement Co. Ltd. Employee Gratuity Fund.

The discount rates reflects the prevailing market yields of Indian Government securities as at the Balance Sheet date for the estimated term of the obligations.

The estimates of future salary increases, considered in actuarial valuation, takes into account, inflation, seniority, promotions and other relevant factors, such as demand and supply in the employment market. Sensitivity Analysis

The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions by 50 basis Point is:

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied which has been used for calculating the defined benefit liability recognised in the Balance Sheet.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

iv) Risk Exposure

The Gratuity scheme is a final salary Defined Benefit Plan that provides for a lump sum payment made on exit either by way of retirement, death, disability or voluntary withdrawal. The benefits are defined on the basis of final salary and the period of service and paid as lump sum at exit. The risks commonly affecting the defined benefit plan are expected to be:

Demographic Risk: This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

Salary Inflation Risk : Higher than expected increases in salary will increase the defined benefit obligation Interest-Rate Risk: The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

v) Defined Benefit Liability and Employer Contributions

The company considers that the contribution rates set at the last valuation date are sufficient to eliminate the deficit over the agreed period and that regular contributions, which are based on service costs, will not increase significantly.

The weighted average duration of the defined benefit obligation is 4.71 years (2017 - 6.28 years). The expected maturity analysis of undiscounted gratuity is as follows:


The Company’s chief operating decision maker (CODM) has identified one business segment viz. Manufacturing and Sales of Cement and its only production facility is located in India. There are no other reportable segment.

The Company does not hold any non-current assets in foreign countries.

There are no individual customers or a particular group contributing to more than 10% of revenue.


5a Names of the related parties and nature of relationship:

i) Where control exists Holding Company -

Votorantim Cimentos EAA Inversiones S.L.

Intermediate Holding Company -Votorantim Cimentos S.A.

Ultimate Holding Company -Hejoassu S.A.

ii) Other Related Parties with whom transactions have taken place Fellow Subsidiaries :

Cemento Cosmos S.A.

Votorantim Cement Trading S.L.

iii) Key Management Personnel

Mr. A. K. Chhatwani (Independent Director & Chairman)

Mr. A. Kumaresan (Independent Director)

Mr. Sven Erik Oppelstrup Madsen (Director) (up to January 24, 2018)

Mr. Jorge Alejandro Wagner (Director) (with effect from January 24, 2018)

Mr. Persio Morassutti (Director)

Ms. Meike Albrecht (Director)

Mr. Rajeev Nambiar (CEO and Whole Time Director)

iv) Trust

Shree Digvijay Cement Co. Ltd. Employees’ Gratuity Fund

Key Management Personnel Compensation

Gratuity and compensated absences are computed for all the employees in aggregate, the amounts relating to the Key Managerial Personnel cannot be individually identified.

Note: The holding Company has provided guarantee on behalf of the Company to the bankers in respect of borrowings facilities (fund based / Non fund based). The details of borrowings are given in note 39C.


(i)Financial instruments by category

There are no financial assets/liabilities that are measured at fair value through statement of profit and loss account or other comprehensive income. The following financial assets/liabilities are measured at amortised cost:

(ii) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level is as follows:-

Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

iii) Fair value of financial assets and liabilities measured at amortised cost

The carrying amounts of term deposits and interest there on, trade receivables, cash and cash equivalents, other financial assets, borrowings, trade payables and other current financial liabilities are considered to be the same as their fair values due to their short-term nature.

The fair values of security deposits are based on discounted cash flows using a risk free rate of interest. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk. Fair value of the security deposit is Rs.894.42 lakhs.


The Company’s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. The Company’s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The market risk to the Company is foreign exchange risk and interest rate. The Company’s exposure to credit risk is influenced mainly by the individual characteristic of each customer.


Credit risk comprises of direct risk of default, the risk of deterioration of creditworthiness as well as concentration risks. It mainly arises from trade receivables, cash and cash equivalents (excluding cash on hand) and bank deposits.

(i) Credit risk management

a) Trade receivables

The carrying amount of trade receivables represent the maximum credit exposure net of provision for impairment. The maximum exposure to credit risk was Rs. 1,207.88 lakhs as of 31st March, 2018 ( March 31, 2017 - Rs. 557.96 lakhs and April 01, 2016 - Rs.1,594.97 lakhs).

Trade receivables are derived from revenue earned from customers. Credit risk for trade receivable is managed by the company through credit approvals, establishing credit limits and periodic monitoring of the creditworthiness of its customers to which the company grants credit terms in the normal course of business. Further, majority of the customers are covered either by security deposits or bank guarantee. The Company’s credit period generally ranges from 0-30 days.

The company does not have a high concentration of credit risk to a single customer. Single largest customer have the total exposure in receivables Rs. 103.93 lakhs as of 31st March, 2018 (31st March, 2017 - Rs. 55.17 lakhs and April 01, 2016 - Rs. 300.06 lakhs).

As per simplified approach, the company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into account a continuing credit evaluation of company’s customers’ financial condition; aging of trade accounts receivable, the extent of credit insurance coverage; the value and adequacy of collateral received from the customers in certain circumstances; the company’s historical loss experience; and changes in credit risk and capital availability of the company’s customers resulting from economic conditions. The company defines default as an event when there is no reasonable expectation of recovery.

b) Cash & cash equivalent and bank deposits

Credit risk on cash and cash equivalents and bank deposits is generally low as the said deposits have been made with banks having good reputation, good past track record and high quality credit rating and company also reviews their credit-worthiness on an on-going basis.


(i) Foreign currency risk

Foreign exchange risk arises on financial instruments being denominated in a currency that is not the functional currency of the entity and that are monetary in nature. The Company is exposed to foreign exchange risk mainly arising from Trade Payables denominated in United States Dollar (‘USD’), European Union Currency (‘EURO’) and Japanese Yen (‘JPY’) and Trade receivables in United States Dollar (‘USD’).

(a) Foreign currency risk exposure:

The Company has not entered into any derivative transactions during the year and there were no derivative transactions outstanding as on 31st March, 2018

(b) Sensitivity:

The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial instruments is as follows:

(ii) Interest rate exposure

The Company borrowings at reporting date are at fixed rate of interest and Company is not exposed to interest rate changes in respect of such borrowings. However Company will have exposure to interest rate changes at the time of rollover of borrowing facilities.


Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities (comprising the undrawn borrowing facilities below), by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The liquidity risk is managed by means of the ultimate parent company’s Liquidity and Financial Indebtedness Management Policy, which aims to ensure the availability of sufficient net funds to meet the Company’s financial commitments with minimal additional cost. One of the main liquidity monitoring measurement instruments is the cash flow projection, using a minimum projection period of 12 months from the benchmark date.

(i) Financing arrangements

The Company has undrawn borrowing facilities of Rs. 11,161.42 lakhs as at 31st March, 2018 (Rs. 3,600.71 lakhs as at 31st March, 2017 and Rs. 1,847.17 lakhs as at April 01, 2016) which is renewable on yearly basis by mutual consent. Undrawn credit facilities comprises of fund based and non-fund based.

(ii) Maturities of financial liabilities

The following table shows the maturity analysis of the companies financial liabilities based on the contractually agreed undiscounted cash flows as at the Balance Sheet date.


The company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure of the Company, management can make, or may propose to the stockholders when their approval is required, adjustments to the amount of dividends paid to stockholders, return capital to stockholders , issue new shares or sell assets to reduce, for example, debt.

The Company considers total equity reported in the financial statements to be managed as part of capital.

The Company does not have any borrowing which is subject to the capital requirements.

Capital commitments

Estimated amount of contracts remaining to be executed on capital account is Rs. 28.42 lakhs (31st March, 2017: Rs. 1 76.69 lakhs and April 01, 201 6: Rs. 330.66 lakhs), against which advances paid aggregate Rs. 28.42 lakhs (31st March, 2017: Rs. 172.35 lakhs and April 01, 2016: Rs. 43.36 lakhs).

10 During previous year, on the basis of advise of an independent tax consultant and certain judicial pronouncements, the Company has recognised input tax credit (VAT) receivables on petcoke and coal consumed in earlier years aggregating Rs.163 lakhs. These were shown as balances with statutory authorities under other current assets by corresponding credit to miscellaneous income - other income.


As a lessee: Operating lease

The Company has operating leases for premises. These lease arrangements range for a period between 11 months and 20 years, which include both cancellable and non-cancellable leases. Most of the leases are renewable for further period on mutually agreeable terms and also include escalation clauses.

12 Details of Specified Bank Notes (SBN) as defined in the MCA notification GSR 308 (E) dated March 30, 2017

(a) The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended 31st March, 2018.

(b) Details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 :


There were no delays in payment to micro and small enterprises registered under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) and accordingly no interest payable to them. The outstanding balance payable to micro and small enterprise is disclosed in note no. 22. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

14 I n view of Hon’ble Supreme Court ruling, the Company has reversed the provision of Rs. 201.78 Lakhs during the year which was towards additional royalty on lime stone payable to District Mineral Foundation (DMF) under the Mines and Mineral (Development & Regulation) Amendment Act, 2015 for the period from January 12, 2015 to September 16, 2015.


These are the Company’s first financial statements prepared in accordance with Ind AS. The Company’s opening Ind AS Balance Sheet was prepared as at April 1, 2016 i.e. the Company’s date of transition to Ind AS. In preparing the Opening Balance Sheet, the Company has applied the mandatory exceptions and certain optional exemptions from full retrospective application of Ind AS in accordance with the guidance in Ind AS 101 ‘First Time Adoption of Indian Accounting Standards’.

This note explains the principal adjustments made by the Company in restating its previous GAAP financial statements to Ind AS, in the opening Balance Sheet as at April 1, 2016 and in the financial statements for the year ended 31st March, 2017.

A. Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

A.1 Ind AS optional exemptions Deemed cost:

I nd AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38, Intangible Assets. Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.

A.2 Ind AS mandatory exceptions Estimates

On an assessment of the estimates made under previous GAAP the Company has concluded that there was no necessity to revise the estimates under Ind AS except where estimates were required by Ind AS and not required by previous GAAP or the basis of measurement were different.

The remaining mandatory exceptions either do not apply or are not relevant to the Company.

Reconciliation Between Previous GAAP and Ind AS

Reconciliation of total equity as at April 01, 2016 and 31st March, 2017, as reported in accordance with Previous GAAP to total equity in accordance with Ind AS is given below :

Impact of Ind AS adoption on the cash flow statement for the year ended March 31, 2017

There are no material adjustments to the cash flow statement as reported under previous GAAP RECONCILIATION NOTES:

1. Re-measurement of post employement defined benefit obligations:

Under Ind AS, re-measurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in other comprehensive income (net of tax) instead of statement of profit and loss. Under the previous GAAP, these re-measurements were forming part of the statement of profit and loss for the year. As a result of this change, the loss for the year ended 31st March, 2017 decreased by Rs. 21.73 lakhs (net of tax of 11.50 lakhs). There is no impact on the total equity as at 31st March, 2017.

2. Security deposits:

Under the previous GAAP, interest free security deposits (that are refundable in cash on completion of the contract term) are recorded at their transaction value. Under Ind AS, all financial assets are required to be recognised at fair value. Accordingly, the company has fair valued these security deposits under Ind AS. Difference between the fair value and transaction value of the security deposit has been recognised as pre-paid expense. Consequent to this change, the amount of security deposits decreased by Rs. 1.51 lakhs as at 31st March, 201 7 (April 01, 201 6 - Rs. 12.45 lakhs ). The pre-paid expense increased by Rs. 1.51 lakhs as at 31st March, 2017 (April 01, 2016 - Rs. 12.45 lakhs). The loss for the year increased and total equity as at 31st March, 2017 decreased by Rs. 0.06 lakhs due to amortisation of the prepaid expense of Rs. 13.03 lakhs which is partially off-set by the interest income of Rs. 12.97 lakhs recognised on security deposits.

3. Deferred tax:

I n accordance with previous GAAP “Deferred Tax Assets” as of March 31, 2016 were not recognised, as they were not considered to be virtually certain of realisation as of that date. Ind AS 12, requires the recognition of “Deferred Tax Assets” based on the reasonable certainty resulting in transitional adjustment to the opening balance sheet as at April 01, 2016. Consequently “Deferred Tax Assets” so recognised in the opening balance sheet has been adjusted for FY 2016-17 and reconciliation of Net profit reported in accordance with previous GAAP to the total comprehensive income in accordance with Ind AS is given above. Also, deferred tax have been recognised on the adjustments made on transition to Ind AS.

As per Ind AS 12, the Company has considered MAT credit entitlement as deferred tax asset being unused tax credit entitlement and recognised the same in its Ind AS financial statements.

4. Property, Plant and Equipments

Under Ind AS, the cost of an item of property, plant and equipment includes the initial estimate of the costs of restoring the site. Accordingly, the cost has been estimated and liability is set up for restoring the mining land. The cost is depreciated over the period of usage of the land. This has resulted in decrease in total equity by Rs.117.12 lakhs and increase of property plant and equipment by Rs.80.72 lakhs and Provision by Rs. 197.84 lakhs as at April 1, 2016. Further, Leasehold mining land where the Company has control towards mining reserve, are reclassified as intangible asset from Property, plant and equipment.

5. Excise duty

Under the previous GAAP, revenue from sale of products was presented exclusive of excise duty. Under Ind AS, revenue from sale of goods is presented inclusive of excise duty. The excise duty paid is presented on the face of the statement of profit and loss as part of expenses. This change has resulted in an increase in total revenue and total expenses for the year ended 31st March, 2017 by Rs. 3,664.15 lakhs. There is no impact on the total equity and profit.

6. Retained earnings

Retained earnings as at April 1, 2016 has been adjusted consequent to the above Ind AS transition adjustments.

7. Other comprehensive income

Under Ind AS, all items of income and expense recognised in a period should be included in statement of profit and loss for the year, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in statement of profit and loss but are shown in the statement of profit and loss as ‘other comprehensive income’ includes re-measurements of defined benefit plans. The concept of other comprehensive income did not exist under previous GAAP

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